Commerce, Mining, & Finance

Evening Star, Issue 22271, 24 February 1936, Page 7

Commerce, Mining, & Finance

LONDON METAL MARKET Press Association — By Telegraph—Copyright LONDON. February 21. The following are the official metal quotations;— Copper: Spot, £35 16s -KHd per ton; forward, £36 Is 10jd. Electrolytic; Spot, £4O; forward, £4O 10s. Wire bars, £4O 10s. Lead: Spot, £l6 10s; forward, £l6 12s 6d. Spelter: Spot, £ls 15s; forward, £l6 Is 3d.. Tin: Spot, £207 15s; forward, £2Ol 15s. Pig iron: Home trade, £3 10s; foreign,' £3 10s. Antimony: British, £72 10s; foreign, £49 10s, Molybdenite, £1 Its 6d per unit. Wolfram. £1 15s. Silver: Standard, 19|d per oz; fine, 21 7-16 d. AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright

LONDON MARKETS Pres* Association—By Telegraph—Copyright LONDON. February 22. Friday’s closing prices were as follow : Cotton: Spot. 6.17 d; March. 5.88 d. Rubber; Para, BJd; plantation smoked, 7|d. Jute: February-March, £lB 17s 6d. Copra: Marcb-April, South Sea. £l4 smoked, £l3 ss; plantation Rabaul, £l4 17s / 6d. Linseed oil, £2B 15s. Turpentine, 43s 9d. THE RABBIT MARKET Press Association —By Telegraph—Copyright LONDON. February 22. The rabbit market is inactive. First large, ex store, 21s. - , \ CHEAP MONEY IN BRITAIN The advantages aenruing to the National finances from the policy of cheap money were clearly demonstrated early in December, when the British Government were able to make two new loan issues to a nominal amount of £300,000,000 on the cheapest terms on record. The loans, subscriptions for which were invited on December 4. consisted of offerings of £200.000,000 2J per cent, funding loan 1956-61 at the price of £96 10s per cent, and of £IOO,000,000 1 per cent. Treasury bonds, 1939-41, at the price of £9B per cent. The lists for the 1 per cent. Treasury bonds were closed an hour after opening. and those for the 2i per cent funding loan about two hours later, whilst it was subsequently- announced that both issues, had been successful The favourable nature of the terras upon which the money was raised is indicated by the fact that never before had it been possible for the Government to borrow for a period of as long as 25 years, at the nominal rate of 2J per cent., by means of a public issue, whilst the offer of 1 per cent. Treasury bonds marked the first occasion on which funds had been obtained by the Govern-* ment at such a low rate of interest except in the form of Treasury bills.

LONDON MEAT MARKET Press Association—By Telegraph—Copyright LONDON, February 21. New Zealand Sheep.— Canterbury and North Island selected cross-bred wethers and maiden ewes: Under 481 b, s£d; 48-561 b, 4|d; 57-641 b, 4 Jd; 65-721 b, 4j}cl. Ewes; Under 481 b, 4jd ; 48-641 b, 3-Jd; 65-721 b, 3jd. North Island: 48-56Jb, 6|d; 57-641 b, 4Jd; 65-721 b, 4|d. Australian Sheep. First quality cross-bred and/or merino wethers: 48-6411), 4JcI; 30-551 b, 4d. Ewes: 30-551 b, 4d. Argentine Sheep. First quality cross-bred wethers: 48-641 b, 4|d; 65-721 b, 4id. Patagonian Sheep.—Wethers and/or maiden ewes: Under 501 b, 7|d; 50-601 b, 7Jd. Argentine Lambs.—First quality: 361 b and under, 63d ; 37-421 b, 6d. Second quality: Average about 281 b, 6|d. Patagonian Lambs. —First quality: 361 b and under, 6Jd. Second quality: Average about 301 b, 6Jd. New Zealand Lambs. —Canterbury: First quality, 361 b and under, 7fd; 37-421 b, 7id; 43-50 lb, 7d. Second quality: average about 321 b, 7id. Selected' North Island, including Downs: 361 b and under, 7jd; 37-421 b, "Id; 43-501 b, 7d. Second quality: Average about 301 b, 7|d. Other North Island: First quality, 361 h and under, 7^(1; 37-421 b, "id. Second quality: Average about 311 b, "Jd. Australian Lambs.—Victorian; First quality, 361 b and under, 6|d; 37-421 b, did. Second quality; 361 b and under, 6|d. Other States: First quality, 361 b and under, 6|d; 37-421 b, 6Jd. Second quality: 361 b and under. 6Jd. All States; Third quality, 361 b and under, 6jjd. New Zealand Frozen Beef.—Ox fores (145-2101 b), 2|d; ox hinds (145-2101 b), 4id. Australian Frozen Beef.—Ox crops (145-2101 b), 2Jd ; ox binds (140-2101 b), 4Jd ; ox binds (over 1601 b). 4d. New Zealand Chilled. —Hinds, fores, 3d. Southern Rhodesia Chilled.—Hinds, 33d ; fores, 3d. Argentine Chilled Beef.—Ox fores (145-2101 b), 3jd; ox hinds (145-2101 b), old. Uruguayan Chilled.—Hinds, 4fd ; fores, 2Jd. Brazilian Chilled.—Fores, 2|d ; hinds, 4Jd. New Zealand Pigs.—First quality; 60-80 lb, 6*d; 81-1001 b, 6d; 101-1201 b, s|d. Australian Pigs.—First quality: 60-801 b, 6|d; 81-loolb, aid; 101-1201 b, ofd.

TWO BANKING CENTENARIES

Both the Midland and Westminster Banks celebrate their centenaries during the current year, and both have announced special bonuses for their shareholders, staffs, and pensioners, says the ‘ Economist.’ The Midland Bank discloses net profits of £2,353,000, against £2,292,000 for last year. The cost of these bonuses, including £20,000 to the Bank Clerks’ Orphanage, comes to £440,000. Premises account receives £300,000 in place of £250.000, while contingencies receive £250,000 in place of £270,000. These last two changes partly cancel out, and the net result is that the centenary bonus is paid by reducing undistributed profits' from £872.000 to £467,000. The Westminster Bank has struck net profits after providing for the staff, pensioners’ and widows’ bonus. The accounts thus show an apparent reduction in net profits from £1,525,000 to £1,403,000. Jf the cost of these staff bonuses were known, however, it would probably be found that net profits had slightly increased. The cost of the shareholders’ bonus is disclosed and ' amounts to £IIO,OOO. Last year’s allocation of £IOO,OOO to premises is not repeated, and the carry-forward is reduced from £481,000 to £370.000. The bonuses paid by both banks are of interest to the whole country as well as to their actual recipients, since tfiey show that the position of these banks is strong- enough to permit of these special drafts upon their accumulated reserves. It is a fair inference that both banks have made good their abnormal’losses of 1931. The payments, in short, are at one and the same time a recognition of the services performed by the staffs of both banks and a testimony to the strength of the banking system. FOREIGN EXCHANGES (Uritiab Official Wireless.) Press Associate a— By Te'ograoh—Copyright RUGBY, February 22. (Received February 24, at 11 a.m.) The following are the mean closing rates;— Paris, franc to £1 74 47-64 New York, dollar to £1 ... ... 4.99 .Montreal, dollar to £1 4,98£ Brussels, belgas to £1 29.29^ Geneva, franc to £1 15.10£ Amsterdam, florin to £1 7.27 Berlin, reicbmarken to £1 12.29 Milan (nominal), lire to £1 ... 62£ Stockholm, kroner to £1 19.39* Copenhagen, kroner to £1 ... 22 Oslo, kroner to £1 19.90^ Vienna, schilling to £1 261 Prague, kroner to £1 119 Helsingfors.' marks to £1 227 Madrid, peseta to £1 36 5-64 Lisbon, escudo to £1 110| “Athens, drachmae to £1 515 “Bucharest, lei to £1 668 Belgrade, dinars to £1 217 Warsaw, zlotys to £1 26.25 “Rio de Janeiro, pence to milreis 4i Buenos Aires, pence to dollar ... 36 “Montevideo, pence to dollar ... 39| Bombay, pence to rupee 18| Shanghai, pence to dollar 14f Hongkong, pence to dollar 15 5-32 Yokohama, pence to yen 14 1-32 Batavia, florin to £1 7.23 i “Sellers. DOMINION RUBBER COMPANY At a meeting of directors of the Dominion Rubber Company Limited a final dividend of 2(- per cent., making 5J per cent, for the year, was declared. The dividend warrants will be posted to shareholders at the close of the annual meeting, which is to be held on March 6. The share register will lie closed from February 24 to March 6, both days inclusive.

THE SEARCH FOR GOLD WEST COAST RETURNS The Argo dredge return was 460 z for 132 hours, during which 11,000yds were dredged. The Mossy Creek dredge, secured 50oz 18dwt for 9,884yds in 129 hours. MAORI GULLY A quarterly statement of the Maori Gully Gold Dredging Company for the three months from October 1 to December 31, shows that the 12 returns in the period totalled 6200 z 3dwt, the. average weekly return being 51 oz 13dwt 14gr. The net realisation was £4,666, and the price an ounce £7 10s 5d The net profit for the three months was £3,020 17s' NORTH KALGURLI VALUES Good values continue to be revealed on the property of North Kalgurli (1912) Ltd. by the north-west drive at the 1,350 ft level of the Kalgurli shaft. Last week the company announced that from 51ft to 64ft the average value was 2oz a ton over sft, and a report issued states that from 63ft .to rfoft the value was 13dwt a ton over the' same width. From 55ft to 60ft 3ft was stripped off the southern side of the drive for an average return of 3oz a ton, hut neither wall has yet been revealed. The drive is 75ft west; of the Associated Northern boundary. WAITAHU RETURN Messrs W. A. Mitson and Co.. secretaries .of the Waitahu Gold Mining Company Ltd., advise that further partial wash up from the No. 5 paddock, which took place on Saturday, yielded 320 z sdwt, The previous wash iip was on January 31. Since then the elevator has been in operation' for 22 shifts of eight hours each. This makes a total of 150 oz since November 29 last. FCREIGN EXCHANGE OK NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates (to-day) for purchase and sales of foreign fcxchanges (all rates subject to alteration without notice);—

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice;.—

SYDNEY, February 22 £ s. d. Commonwealth bonds— 3 p.c., 1948 94 2 6 33 p.c., 1949 98 15 0 3J p.c., 1942 100 17 6 4 p.c., 1938 101 15 0 4 p.c., 1944 104 0 0 4 p.c., 1950 103 5 0 4 p.c.. 1;)53 103 2 6 4 p.c., 1955 103 12 6 4 p.c., 1959 104 5 0 4 p.c., 1961 105 0 0 Comm. Dank of Sydney ... 21 7 0 Comm. Bank of Australia 1 0 3 National Bank (£5 paid) 7 14 0 Tooth’s ... 2 16 0 Associated news (prof.) ... 1 4 3 British Tobacco 2 3 0 Broken Hill Proprietary (first instalment paid) 1 10 n Dunlop’s 0 15 7* Henry Jones 2 1 3 Howard Smith 0 18 6 Lustre (nref.) 1 8 0 Morris, Hedstrom 1 0 6

London— £100 stg. Buying. Selling. N.Z Australia— £A to £100. T.T. £124 O.D. £123 10/ £124 10/ £124 8/9 N.Z Fiji— £F to £100 T.T. , £101 £100 10/ N.Z New York— Dollar to £1 T.T. £60 7/6 £89 N.Z Montreal — Dollar to £1 .. T.T. O.D. 4.03f 4.04J 3.99} . 4.003 N.Z France— Francs to £1 T.T. O.D. 4.034 4.04| 3.991 4.004 N.Z Noumea— Francs to £1 T.T. O.D. 60.58 61.03 59.75 59.79 N.Z Papeete— Francs to £1 .. T.T. O.D. 62.38 62.83 58.38 58.44 N.Z Belgium— Belgas to £1 „ T.T. O.D. 62.38 62.83 58.53 58.59 N.Z. Germany— Beiehmarks to ... T.T. O.D. £1 23.397 23.408. N.Z. Switzerland— Francs to £1 . T.T. O.D. - , 9.797 9.802 N.Z Holland— Florins to £1 .. T.T. O.D. 12.309 12.414 12.039 12.044 N.Z JavaFlorins to £1 .. T.T. O.D. 5.939 5.999 5.789 6.793 N.Z. ... ... Japan— N.Z. pence to 1 .. T.T. O.D. 5.913 5.973 5.753 5.757 yen Shanghai— N.Z. pence to 1 . T.T. O.D. ~ 17 39-64 17 19-32 dollar India, and Ceylon— N.Z. pence to 1 T.T. O.D. 17 5-16 17 1-8 18 11-16 18 43-64 rupee ... Hongkong— N.Z. pence to 1 T.T. O.D. 22 9-64 22 3-64 22 57-64 22 7-8 dollar Singapore— N.Z. pence to 1 T.T. O.D. 18 25-32 18 11-16 20 17-32 20 1-2 dollar Sweden— Kroner to £1 T.T. O.D. 34 25-64 34 13-64 35 29-64 35 7-16 N.Z Norway— Kroner to £1 " T.T. O.D. 15.785 18.845 15.490 15.500 N.Z Denmark — Kroner to £1 . T.T. O.D. . 16.185 16.245 15.895 15.905 N.Z Austria— Schillings to £1 . T.T. O.D, 18.203 13.263 17.893 17.903 N.Z. Czechoslovakia— Crowns to £1 . T.T. O.D. = 20.73 20.75 N.Z. . T.T. O.D. - 94.65 94.70

U.R.A. CANADA. S El. UNO— (Per £1 N.Z.) (Per £1 N.Z.) T.T. (dol) z.m 3.991 O.D. (dol) 4.00J ' 4.004 BUYING— O.D. (dol) ... - 4.04* 4.044